Creating peace of mind through honest and committed management[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

December 14, 2011
For Immediate Release
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwai-cho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo REIT Management Co., Ltd.
Representative: Wataru Orii, President & Representative Director
Contact: Masaya Hiruta, Senior Executive Managing Director
Tel: 03-3502-4891

Financial Report of the Former Ichigo Real Estate Investment Corporation(Absorbed Entity in Merger) for the Eleventh Fiscal Period
Ichigo Real Estate Investment Corporation (the former FC Residential Investment Corporation), whichmerged with the former Ichigo Real Estate Investment Corporation on November 1, 2011, announces thefinancial report for the Eleventh Fiscal Period of the former Ichigo Real Estate Investment Corporation,
as attached.

(Attachment)
Financial Report of Former Ichigo Real Estate Investment Corporation (Absorbed Entity) for the
Eleventh Fiscal Period (May 1, 2011 – October 31, 2011)

This document is being distributed today to the Kabuto Club (the press club of the TSE) as well as to the press clubfor the Ministry of Land, Infrastructure, Transport, and Tourism and the press club for specialty construction
newspapers at the Ministry of Land, Infrastructure, Transport, and Tourism.

Website of Ichigo REIT: www.ichigo-reit.co.jp/eng

December 14, 2011

FINANCIAL REPORT OF FORMER ICHIGO REAL ESTATEINVESTMENT CORPORATION (ABSORBED ENTITY)
FOR THE ELEVENTH FISCAL PERIOD(May 1, 2011 – October 31, 2011)
Ichigo Real Estate Investment Corporation (Ichigo REIT) (Representative: Yoshihiro Takatsuka, Executive
Director, URL: www.ichigo-reit.co.jp/eng) is listed on the Tokyo Stock Exchange with the securities code 8975.
Asset Management Company: Ichigo REIT Management Co., Ltd.
Representative:
Wataru Orii, President & Representative Director
Contact:
Masanori Kubota, Director (Finance)
Tel. +81-3-3502-4891
Submission date for Securities Report (scheduled):
Start Date for Dividend Payments (scheduled):

January 27, 2012
January 23, 2012

1. FINANCIAL RESULTS FOR THE ELEVENTH FISCAL PERIOD(Monetary amounts are rounded down to the nearest million yen)

(1) Earnings(million yen; period-on-period change)

Eleventh
Fiscal Period
TenthFiscal Period

Eleventh
Fiscal Period
TenthFiscal Period

Operating
Revenue

ChangeOperating
Income3,674(0.3%)

3,684(4.7%)

ChangeOrdinary
IncomeChangeNet
IncomeChange

1,457

2.2%

591

56.0%

568

50.3%

1,427

(2.7%)

378(5.9%)

377(6.0%)Net Income per Unit(yen)Ratio of Net Income
to Equity

Ratio of Ordinary Income
to Total Assets

Ratio of Ordinary Income
to Operating Revenue

2,776

0.9%

0.5%

16.1%

1,847

0.6%

0.3%

10.3%

(2) Dividends(not including dividends
in excess of earnings)

Total Dividends(yen)(million yen)

Dividend per Unit
in Excess ofEarnings
(yen)

2,777

568

1,847

377

Dividend per Unit

Eleventh
Fiscal Period
TenthFiscal Period

Total Dividends in
Excess of Earnings

PayoutRatio(million yen)(%)

Ratio ofDividends toNet Assets
(%)

0–

100.0

0.90–

99.90.6

(3) Assets and Equity

Eleventh
Fiscal PeriodTenthFiscal Period

Total Assets(million yen)

Net Assets(million yen)

Equity Ratio(%)

Net Assets per Unit(yen)121,977

66,40554.4

324,496

122,096

66,214

54.2

323,566

Cash Flow fromOperating Activities(million yen)

Cash Flow from
Investment Activities(million yen)

Cash Flow from
Financing Activities(million yen)

Cash and Cash Equivalents
at End of the Period(million yen)

(4) Cash Flow

Eleventh
Fiscal Period
TenthFiscal Period

1,425

(590)

(498)

7,823

1,882(426)(13,171)

7,487

Note: The Tenth Fiscal Period is the period from November 1, 2010 to April 30, 2011.
The Eleventh Fiscal Period is the period from May 1, 2011 to October 31, 2011.

2. OTHER(1) Changes in Accounting Policies, Changes in Accounting Estimates, and Retrospective Restatement(i) Changes accompanying Amendments to Accounting Standards:
No(ii) Changes other than (i):No
(iii) Changes in Accounting EstimatesNo(iv) Retrospective Restatement
No(2) Number of Investment Units Issued and Outstanding(i) The number of investment units issued and outstanding (including treasury investment units) was204,641 units at the end of the Eleventh Fiscal Period and 204,641 units at the end of the Tenth FiscalPeriod.
(ii) The number of treasury investment units was 0 units at the end of the Eleventh Fiscal Period and 0 units at
the end of the Tenth Fiscal Period.